Two Memoranda of Understanding were signed today in New York, launching Sri Lanka’s first social impact funds aimed at supporting social entrepreneurs access innovative financing, to help achieve the 2030 Agenda for Sustainable Development.
The signings were witnessed by Foreign Minister Tilak Marapana and Achim Steiner, UNDP Administrator, at a special side event, at the 73rd session of the United Nations General Assembly.
The two MoU’s are one for a 5 million US dollars Social Enterprise Fund (SEF) and one for a 20 million US dollars Social Impact Capital Fund (SICF).
The Social Enterprise Fund (SEF) will cater mostly to successfully incubated, commercially viable, micro and small social enterprises with capital requirements of less than USD 100,000.
In addition to capital, the fund will also provide targeted technical and capacity development support through mentorship, business support, and training.
The Social Impact Capital Fund (SICF) will support inclusive and responsible businesses that integrate and promote social impact, as a part of their business models.
The SICF’s investments will be larger, in excess of 100,000 US dollars. UNDP will be responsible for impact measurement and management of the projects for both funds.
Courtesy of http://www.lankabusinessonline.com
